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Financial planning

Overview

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Who should have a will?

If any of the following circumstances are applicable to you, it may be necessary to have a will or review your existing will:

  • Recently married, divorced or widowed
  • Had a baby or adopted a child
  • Lost a spouse, child, parent or a sibling
  • Purchased a fixed property
  • Experienced a change in your personal or financial situation
  • Received an inheritance

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Why you should have a will

A will enables you to:

  • Choose who should benefit from your estate
  • Protect the interests of heirs, including the nomination of a guardian for minor children and/or a professional trustee to administer their inheritance
  • Nominate an executor of your choice, thus avoiding the delays involved in the appointment of an executor

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What if there is no will?

  • Delays in the administration of your estate
  • The beneficiaries of your estate will be determined according to legislation
  • The court could appoint someone you would not have approved of to be your executor
  • Cannot leave specific items to chosen beneficiaries
  • If you have no immediate family, distant relatives will inherit rather than close friends or a life partner
  • Your minor child's inheritance will have to be transferred in a monetary form to the Guardian's Fund until they reach the age of 18 years

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What is an executor?

  • The executor is the person or institution nominated in your will and whom the Master of the High Court will appoint to administer your estate.
  • The executor is entitled to charge a fee for their services.
    • This fee is set by legislation and is amended from time to time.
    • This fee is currently 3.5% of the gross value of your estate plus VAT.
  • In a will, you can only nominate an executor. The Master of the High Court needs to approve the nomination and then officially appoint the executor.

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A guardian for your child

Must you name a guardian for a child?

  • You should always name a guardian for a child who is a minor
  • A guardian ensures that the child is cared for by someone that you trust, to raise the child in the same manner as you would.

When nominating a guardian, please consider

  • Location: If a guardian is not resident in the same city, it may cause stress for the child if removed from a familiar environment.
  • Finances: Will accepting guardianship place a burden on finances?
  • Child's choice: Will your child feel secure with the guardian?
  • Guardian's age: If the child is young he/she will have to be cared for by the guardian until the age of 18.
  • Separate guardians: Do not nominate separate guardians for each child – they must be stay together.
  • Unmarried guardians: Do not nominate guardians to act together if they are unmarried. Children cannot be split between households.

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What others need to know about your will

Nominating a guardian

  • Location: If a guardian is not resident in the same city, it may cause stress for the child if removed from a familiar environment.
  • Finances: Will accepting guardianship place a burden on finances?
  • Child's choice: Will your child feel secure with the guardian?
  • Guardian's age: If the child is young he/she will have to be cared for by the guardian until the age of 18.
  • Separate guardians: Do not nominate separate guardians for each child - they must be stay together.
  • Unmarried guardians: Do not nominate guardians to act together if they are unmarried. Children cannot be split between households.

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What is a living will?

The purpose of a living will is to record your wishes regarding life support and artificial means of keeping you alive.

It is completely separate from your last will and testament.

A living will does not advocate euthanasia but simply removes the burden of making a difficult decision to switch off life support, from the family.

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Get in touch

To get in touch,

call us on 087 736 8941

email financial_advisory@fnb.co.za

or speak to a banker or a financial planner in a branch.

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Why save for retirement

Get the benefit of compound interest and returns, this is how money makes more money for you over a long period. Look after the future and start saving towards retirement as early as possible. Maintain your desired standard of living and plan for unforeseen expenses in your retirement.

Things to consider

  • How much do you need to save to be able to retire comfortably?
  • Will your company pension be sufficient?
  • Should you save for retirement in your company pension, an RA or a tax-free savings account?
  • How do you protect your retirement savings from volatile markets?
  • Should you be saving offshore for retirement?

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Take advantage of

tax free savings with an FNB Retirement Annuity

A retirement annuity is a great way to supplement your pension or provident fund savings or save independently to build up enough to retire comfortably. At the same time, it allows you to maximise your allowable tax deductions of 27.5% of your income. And you pay no income, capital gains or dividends tax on all returns in your RA.

Save on fees

You save on financial advisory fees and pay no administration fees for the first 18 months. Terms and conditions apply.

Open and manage your RA on the FNB App

Get started with just R300 per month via debit order. Or deposit a lump sum of R5 000 and make additional minimum contributions of R2 000.

Get more value

  • Earn eBucks rewards points depending on your investment balance
  • Pay no administration fees when you have a current account bundle
  • Get your transactional fees back in eBucks depending on your reward level

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Legacy Planning

Make sure you update your retirement plan with any new retirement goals and adjust your savings and investments accordingly.

At the same time you should update your will to ensure that your hard earned money and other assets are distributed according to your wishes.

A will is one of the most important documents you will ever sign.

Who should have a will?

Why you should have a will

What if there is no will?

What is an executor?

A guardian for your child

What others need to know about your will

What is a living will?

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Offshore

Exposure to offshore investment allows you to diversify the risk that comes with a South African only investment portfolio and to take advantage of opportunities that are more attractive than those that are locally based.

Whether you are looking to save short term in foreign currency, access structured foreign-based investment funds for your long-term goals, or you want to trade on international equity markets, we have all the right international solution for you.

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It only takes 3 minutes to open a Retirement Annuity on the app

Starting with a small amount over a long period can give the comfort that you will be able to look after yourself in your golden years. We can help you save towards retirement with our newly launched Retirement Annuity (RA).

Open a retirement annuity in less than 3 minutes on the FNB App.

  1. Simply login to the FNB App
  2. Select 'My Investments'
  3. Navigate to 'Retirement'
  4. Select 'Retirement Annuity' and 'Apply now'

Tip: Have your tax number ready.

Choose from our range of funds

We've designed our retirement annuities to help you reach your retirement goals. Invest in a range of funds designed to beat inflation.

Read more

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Choose from our range of funds

FNB Multi Manager Income Fund

Suitable for those looking for income by investing across different income-oriented assets

View fund fact sheet

FNB Stable Fund of Funds

Suitable for those who want to invest for up to 3 years and require a high but stable income level.

View fund fact sheet

FNB Moderate Fund of Funds

Suitable for those who want to generate great returns, with moderate exposure to risk.

View fund fact sheet

FNB Growth Fund of Funds

Suitable for those with an aggressive risk appetite, who want high returns and have a long investment term of 7+ years.

View fund fact sheet

New FNB Core Balanced Fund

Suitable for those looking for a low-cost fund with steady long-term returns and capital growth.

Learn more

Tips to free up cash

  • Setting and sticking to achievable monthly budgets
  • Using rewards programmes
  • Spending less than you earn
  • Consolidating qualifying credit

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Qualifying criteria

  1. Service is available to all potential and existing FNB clients.
  2. Have all relevant information about your financial affairs available.

Reach your retirement goals with an

FNB Retirement
Annuity

Make sure you save enough money to retire comfortably by investing in our retirement annuity, from as little as R300 p.m or R5 000 lump sum.

Reach your retirement goals with an FNB Retirement Annuity

Why save for retirement

Get the benefit of compound interest and returns, this is how money makes more money for you over a long period. Look after the future and start saving towards retirement as early as possible. Maintain your desired standard of living and plan for unforeseen expenses in your retirement.

Take advantage of

tax free savings with an FNB Retirement Annuity

A retirement annuity is a great way to supplement your pension or provident fund savings or save independently to build up enough to retire comfortably. At the same time, it allows you to maximise your allowable tax deductions of 27.5% of your income. And you pay no income, capital gains or dividends tax on all returns in your RA.

It only takes 3 minutes to open a Retirement Annuity on the app

Starting with a small amount over a long period can give the comfort that you will be able to look after yourself in your golden years. We can help you save towards retirement with our newly launched Retirement Annuity (RA).

Open a retirement annuity in less than 3 minutes on the FNB App.

Legacy planning

Now's the time for estate + legacy planning

Make sure you update your retirement plan with any new retirement goals.

Getting it made easy

Call me back

Qualifying criteria

Contact your financial advisor

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).

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